Manila stock market

Media

Part of The American Chamber of Commerce Journal

Title: Manila stock market
Creator: Hall, A. C.
Language: English
Year: 1953
Rights
Fulltext: purser, later arrested when the plane landed on an island under the control of Nationalist China, is brought back to the Philippines from Formosa to undergo trial. The President signs a number of executive orders reducing the 1952 taxes in Sorsogon and Marinduque. Feb. 19 — The President receives Archbishop Rufino J. Santos, recently appointed to the office by Pope Pius XII; he was accompanied by Papal Nuncio Egidio Vagnozzi. The President also receives a delegation from the Filipino Printers Association, headed by Ramon C. Ordoveza, who presents a resolution requesting the ratification of the ruling recently adopted by the Cab inet that after June 30, of this year, no more Iprimary and intermediate) textbooks printed abroad for use in Philippine public and private schools be permitted entry into the country. Feb. 21—The President authorizes the establishment of formal Philippine diplomatic relations with the Republic of Korea, as recom mended by the Secretary of Foreign Affairs, and at the invitation of the Korean Government; it is anticipated that the President will ac credit Maximino Bueno, Philippine alternate representative to the United Nations for the Unification and Rehabilitation of Korea, as charge d’affaires. Feb. 23 — The second ECAFE (Economic Commission for Asia and the Far East) Conference on Trade Promotion opens a 10-day session in the Manila Hotel, and Secretary of Commerce and Industry Cornelio Balmaceda is elected Chairman of the Conference. In the evening, President Quirino entertains the 200 delegates at Malacafian and voices his welcome. ECAFE Executive Secretary Dr. P. S. Lokanathan expressed the thanks of the delegates for the reception. Foreign Minister Alberto Martin Artajo of Spain arrives in the Philippines on an 8-day state visit on invitation of the Philippine Govern ment. Feb. 24 — The President receives Spanish Foreign Minister Artajo and his entourage. (Official receptions and dinners followed on suc ceeding days.) The President directs Budget Commissioner Joven to dispose of some 25,000 metric tons of Burma and Siam rice bought by the National Rice and Com Corporation to supplement the local production which has shown an unexpected increase; the proceeds will be used to settle the NARIC’S indebtedness to the Philippine National Bank. The President approves the release! of ?5,600,000 for the con struction and maintenance of national and provincial and chartered city roads, streets, and bridges, the sum to be taken from the undis tributed collections of the Motor Vehicle Fund. Feb. 26 — The President accepts the decoration, “Gran Collar de la Orden de Isabel la Catolica”, conferred on him by the Government of Spain through the visiting Spanish Foreign Minister. The Minister also presented him, as a gift to the Filipino people, with a number of items of Rizaliana, consisting of documents about Rizal in Spain. Feb. 27 — The President approves the release of Pl,567,353 for the construction and development of irrigation projects to increase rice production. The President signs an executive order creating a decoration to be known as the "Order of Sikatuna" (commemorating the first treaty— Pacto de Sangre or the "Blood Compact”, between Legaspi and the Bohol Chief Sikatuna, in 1565). The first award is to be made to the Spanish Minister of Foreign Affairs shortly. There will be four ranks in the Order,—Raja, Lakan, Maginoo, and Maharlika. Feb. 28 — The President receives George Peabody, public rela tions counsellor of the Philippine Association in the United States, who reports that while two years ago more than 85% of the news from the Philippines appearing in American newspapers was of an un favorable nature, this has now dropped to less than 2%, based on a 6month survey of over 50,000 news stories. Banking and Finance By W. M. Simmons Manager The National City Bank of New York COMPARATIVE statement Bank ; As of Dec. 31, Assets 1949 International Reserve... . P460.689 Contribution to Interna tional Monetary Fund. 30,000 Account to Secure Coin age..................................... 113,306 Loans and Advances........ 77,047 Trust Account-Securities Stabilization Fund.... — Domestic Securities......... 92,197 Other Assets........................... 20,390 P793.629 of condition of the Central Currency and coins issued total P651,064,057. Black market dollars are quoted about P275. Open market rates on fine tael bars reached Pl20 per ounce on January 20, but have since receded to a present market of Pl 10. Combined balance sheets of all banks as of the end of Decem ber, 1952: (In thousands of Pesos) Liabilities Currency—Notes............. P555.576 Coins............. 74,384 Demand Deposits—Pesos 117,682 Securities Stabilization Fund................................. 2,000 . Due to International Monetary Fund........... 22,498 Due to International Bank for Reconstruc tion and Development. 2,389 Other Liabilities............... 2,636 Deferred Credits............... — Capital................................. 10,000 Undivided Profits.......... 4,464 Surplus................................. — P919.010 As of As of As of Nov. 28, Dec. 29, Jan. 30, 1952 1952 1953 (In thousands of !Pesos). P472.172 P454.157 P451.359 30,000 30,000 30,000 107,570 106,940 106,940 50,180 54,165 54,140 231,857 235,438 235,233 41,428 42,279 41,338 P918.207 P922.979 P919.010 P546.280 P579.584 P561.630 90,309 89,945 89,433 235,135 205,899 219,305 12,233 12,233 20,545 496 497 496 2,383 2,383 2,380 2,811 2,733 3,546 3,652 568 1,199 10,000 10,000 10,000 7,776 12,005 343 7,132 7,132 10,133 Resources Loans and Discounts............................................................ 394,072 Overdrafts................................................................................ 211,960 Cust. Liab. Accept, under L/ C and T. R..................... 105,674 Stocks, Bonds and Other Securities................................ 101,499 Other Real and Chattel Property Owned..................... 2,083 Banking House, Furniture and Fixtures......................... 15,355 Due from Banks.................................................................... 233,097 Cash........................................................................................... 33,602 Checks and Other Cash Items.......................................... 5,237 Other Resources..................................................................... 68,708 Total Resources........................................................ 1,171,287 Liabilities Capital Stock........................................................................... 39,899 Surplus Reserves and Undivided Profits........................ 64,184 Due to Banks......................................................................... 25,036 Cashiers’, Managers’ and Cert. Checks........................... 4,561 Dividends Payable................................................................ 375 Individual Deposits Subject to Checks........................... 304,838 Savings and Time Deposits................................................ 312,054 Deposits of Public Funds................................................... 216,842 Bills Payable........................................................................... 46,199 Other Liabilities..................................................................... 157,299 Total Liabilities........................................................ 1,171,287 (NOTE: The information contained herein has been derived from responsible sources, but the National City Bank of New York assumes no respon sibility for its accuracy). P793.629 P918.207 P922.979 The International Reserves as of January 31, 1952, were as follows: Central Bank International Reserves...................... $225,679,402.00 Net FX Holdings Other Banks.................................. 66,722,446.00 Japan Open Account..................................................... 8,617,523.00 Total...................................................................... $301,019,371.00 This is a decline of $4,857,545 from the preceding month. Manila Stock Market By A. C. Hall Hall, Picomell, Ortigas & Co. January 24 to February 20 DURING the period of this review, with the notable exception of San Mauricio, which advanced sharply on good development news, the mining share market has displayed an easier tendency, with most of the leading issues registering modest losses. The market action appears to be in the nature of a normal technical correction follow ing the previous month’s gain. 107 Consolidated Mines, a leader for some time past, was easier as a result of lowered production due to stoppage of night-shift work through inability to control high silicacontent ore under artificial light conditions. This situation is considered temporary. The price of gold in the local free market declined during the past four weeks about as fast as it had advanced in the previous month, thereby confirming the old adage that what goes up must come down. Commencing with opening sales at Pl 17 per fine ounce, the price moved steadily downward to close today at P107.50. In the commercial and industrial section, sugars were mixed in more active trading; otherwise conditions were quiet and about unchanged. 1953-53 Range High Low 131.53 92.09 MINING SHARES 0.315 0.06 6.20 0 0 16 038 80 0.13 0 06 2.65 1 0.0035 0 60 0013 High M. S. E. Mining Share Average..................... 107.42 Acoje Mining Co..................26 Antamok Goldfields.. . .042 Atok Big Wedge Mining Co....................... 2.50 Baguio Gold Mining Co..........................................08 Balatoc Mining Co.... 2.10 Batong Buhay Gold 0.07 0.044 3. 0. 0.1 50 02 028 0.29 0 16 0.155 0-.07S 0.95 0.048 0.30 0 0 0 0 0 0625 038 73 028 09 0.1275 0 10 3.26 2 15 0.32 0 17 0.285 0.027 0.12 0 0 0 21 01 04 Benguet Cons.............. 4.60 Coco Grove, Inc..................... 03 Consolidated Mines, Inc.......................................044 Hixbar Gold Mining Co..........................................205 Itogon Mining Co....... .10 I. X. L. Mining Co.............. 06 Lepanto Cons.............. .85 Masbate Cons............. .048 Mindanao Mother Lode.....................................1375 Paracale Gumaus Cons..................................... 1075 Philippine Iron Mines, Inc.............................. 2.60 San Mauricio Min ing Co....................... .28 Surigao Cons................ .265 Suyoc Cons........................ — United Paracale Min ing Co............................ .055 Low Close Change Total Sales 11.61 102.67 Off 3.91 10,655,100 Up .01 1,128,500 .24 .039 .25 .04 Up .002 85,000 2.45 2.40a Off- .35 5,000 .07 .07 Up .01 151,250 2.10 2.05a — 1,100 .0015b 4.40 4.50 Off- .10 30,100 .029 .03 Up .006 85,000 .037 .039 Off .003 :3,960,000 .19 .19 Up .03 100,000 .09 .095 Off- .01 180,000 .05 .05 Off .02 38,000 .81 .81 Off .02 300,000 .04 .048 Up .008 1 ,310,000 .13 .1375 Off- .0025 343,500 .1075 .1075 Up .0025 40,000 2.45 2.50 Off .15 70,500 .20 .28 Up .09 152,000 .24 ,25b Off .02 286,000 — .009b — — .0525 .055 Up .0025 20,000 COMMERCIAL SHARES Bank of the Philippine Binalbagan-Isabela Sugar Co.. . Bogo-Medellin ling Co.............. Central Azucarera de Central Azucarera de la Cariota................. Central Azucarera de Pilar........................... Central Azucarera de Tarlac....................... China Banking Corp.. Cia. de Celulosa de Filipinas.................... Fil. Cia. de Seguros.. . Industrial . Textiles Mfg. Co. P.I........... Manila Broadcasting High 00 22 00 22 00 15 00 78 00 00 00 10 25 0 107.00 100.00 25 8 00 30 195 // 140 0.30 90.00 53 Range igh Low 00 120. 20.00 27.50 12.00 325.00 320 12.00 -150.00 100 50.00 37 Low Close Change Total Sales 105.00 100.00 100 37.00 37 20.50 20 22.50 20.50 Mayon Metal, class Mayon Metal, class Meralco, 6-1/2% Metropolitan ance Co.. . Pasudeco. . . . Credit By C. W. Muilenburg Manager, Credit and Collection Department International Harvester Company of Philippines The active participation of the American Interna tional Underwriters for the Philippines, Inc. in the Asso ciation of Credit Men, Inc. (P.I.) in January increased insurance firm membership to a total of four. A more active participation of insurance firms can prove partic ularly beneficial both to those insurance members them selves and to other members of the Association. Increasing interest in the Association is being shown by insurance companies. While most credit and collection executives complain of difficulty in collections, and some insist the general situation is slightly more difficult than ever, a few have indicated some slight improvement recently. Several credit and collection men have reported some improve ment due to sugar-money now coming in, but still report collections very slow. One credit man reports that his firm usually experiences some improvement in collections about this time of year, primarily because of briskness in construction, with purchasers of construction materials doing a good volume of profitable business. He states that this condition extends beyond construction items and im provement is shown in other lines handled. One credit man reports his own collections have improved, but gives credit to a more serious and conscientious effort exerted and not to any improvement in general conditions. An other collection executive, who reports he is selling still on practically straight cash, has noted some slight im provement recently in collections and can offer no ex planation but is quite pleased with the improvement noted. Surveys recently conducted suggest textiles have been rather dull due to sudden arrivals of many shipments. The situation is clearing as the stocks are being absorbed, and some improvement is already noted. A similar situa tion has resulted in drugs, especially anti-biotics. On a smaller scale, this also has been evidenced in kitchen uten sils and household wares. The result is that most mer chants dealing in the lines noted are in an overstocked position and payments have been slow and extensions have been asked for. Some wholesale dealings have been at very low prices, but retail prices have shown no notice able decline. Suppliers of motor vehicles and allied equipment and supplies, such as tires, batteries, spare parts, and fuel, are feeling the usual seasonal tightness due to the semi-annual license fee payments, which take up most of the available funds. Some shipments of sugar abroad at good prices have resulted in some improvement and, with more sugar ship ments due, the general collection situation should improve still more as a direct result. Copra is holding up. Rice prices are generally lower than at any time since the War but are expected to go up in the next 90 days. Many growers are trying to hold stocks for better prices. 108